Financial education Money issues grow with your children

Educational expert Philipp Ramming explains what’s important when it comes to young people and finances.

by UBS Insights 01 May 2019

The older children get, the more money they need to participate in social activities with their group of friends. The transition from a few coins pressed into their hands each week to a monthly budget that has to cover everything is not only a big step for young people – but also prompts plenty of questions for parents. Pocket money or young person’s salary? How much is enough? Why do they always want more? What do other parents do? Philipp Ramming, FSP specialist psychologist for child and adolescent psychology and psychotherapy, provides suggestions for basic points to be considered by the parents of teenagers.

As soon as the framework for pocket money has been established, children should be able to do whatever they want with it.

Give your child personal responsibility

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